selfwealth in aus $9.50 for any trade size
1 million $ transaction cost $9.50
others brokers at least a $1000 or more for the same
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I understand what you're saying but the reality is, Sharesies is the only way I can invest. I don't have the ability to invest large amounts per order but the standard brokerage fees make small orders impossible. So I am, like many others no doubt, stuck between a rock and a hard place.
Are you at the same risk as the users of Robinhood?
In the GME debacle, Robinhood actually started selling its users’ positions at its own discretion. Many traders using Robinhood reported having their shares sold without their permission.
Just to be very clear
New Zealand trading banks are not government guaranteed by the NZ govt
Australian bank deposits are guaranteed by the Australian government up to a limit of $250k per person per bank.
I doubt that foreign currency denominated accounts held within Australia are covered but I dont know for sure
But it definitely covers non-residents of Australia
A few of points here.
1) NZ banks have OBR (open bank resolution). If OBR kicks in then all unfrozen money is guaranteed by the government.
2) During 2008 GFC the government came in and guaranteed all deposits until 2011. Precedent set.
3) Banks have to hold more capital these days than they ever did so are vastly more stable than they were for example during the GFC.
4) QE provides all the liquidity the banks will ever need. Liquidity is the big issue during market crashes. Massive QE precedent has been set and looks likely to continue forever it seems because debt doesnt mean anything and money isnt real right? Ha..
I think your point 4 is the crucial one. I have far too much invested in NZ term deposits with banks. However despite my dissatisfaction with interest rate returns, any alternative investment has to stack up in its own right. I won't invest in something 'just because bank interest rates are too low'. At least having money on hand gives you the opportunity to pounce when situations arise.
SNOOPY
1) NZ banks have OBR (open bank resolution). If OBR kicks in then all unfrozen money is guaranteed by the government. BUT HOW MUCH WILL THAT BE ???
2) During 2008 GFC the government came in and guaranteed all deposits until 2011. Precedent set. YOU WANNA RELY ON THIS?
3) Banks have to hold more capital these days than they ever did so are vastly more stable than they were for example during the GFC. EXCEPT THEY DONT HERE DO THEY COZ ORR CAPITULATED
4) QE provides all the liquidity the banks will ever need. Liquidity is the big issue during market crashes. Massive QE precedent has been set and looks likely to continue forever it seems because debt doesnt mean anything and money isnt real right? Ha.. EXACTLY BUT I WANT MY MONEY TO BE REAL AND SAFE.
Sorry not shouting just differentiating the text
Bitchy post. Deleted.